On Tuesday morning, 4 December, the European Union Finance Ministers (all but the British Minister) presented the results of their work on the deepening of Economic and Monetary Union (EMU).
A common backstop will be set up for the Single Resolution Fund (SRF), a function that will be carried out by the European Stability Mechanism (ESM), while the architecture and scope of the ESM will be redefined.
"After several months of intense negotiations and a very tough and long meeting we...